Apple Q4 earnings show revenues down 9%

Apple Q4 earnings show revenues down 9%

Apple has posted its Q4 earnings for the fiscal year this evening, revealing that revenues are down 9% for the quarter.

The tech giant revealed that it $9.01 billion in net income, or $1.67 in earnings per share, on $46.9 billion in revenue in Q4 of its 2016 fiscal year, ending September 24. This was down from $51.50 billion last year.

Apple met its Q4 predictions of $45.5-$47.5 billion for the quarter.

However, the results show that this is the first time since 2001 that the firm’s revenue for the full fiscal year — $215.6 billion — is lower than the previous fiscal year. The prior year it was $233.7 billion.

A significant factor in Apple’s Q4 earnings was its dip in iPhone sales, which fell 13% year-on-year. 45.5 million units were sold, resulting in $28.1 billion in sales.

Meanwhile, it was a strong quarter for Apple Music, Apple Pay and iCloud, with Apple’s Services revenue up 24%, bringing in revenues of $6.3bn.

“Our strong September quarter results cap a very successful fiscal 2016 for Apple,” said Tim Cook, Apple’s CEO. “We’re thrilled with the customer response to iPhone 7, iPhone 7 Plus and Apple Watch Series 2, as well as the incredible momentum of our Services business, where revenue grew 24 percent to set another all-time record.”

“We are pleased to have generated $16.1 billion in operating cash flow, a new record for the September quarter,” added Luca Maestri, Apple’s CFO. “We also returned $9.3 billion to investors through dividends and share repurchases during the quarter and have now completed over $186 billion of our capital return programme.”

Apple is providing the following guidance for its fiscal 2017 first quarter:

• revenue between $76 billion and $78 billion

• gross margin between 38 percent and 38.5 percent

• operating expenses between $6.9 billion and $7 billion\

• other income/(expense) of $400 million

• tax rate of 26 percent

Apple’s board of directors has declared a cash dividend of $0.57 per share of the Company’s common stock. The dividend is payable on November 10, 2016 to shareholders of record as of the close of business on November 7, 2016.

VIDEOS
Music Week Radar, 6th October 2016

Nova Twins – Hitlist. Filmed at Music Week Radar, Under the Bridge

subscribe link free-trial link

follow us...